Vietnam’s Cryptocurrency Exchange Licensing Update
Vietnam has yet to grant its inaugural license for cryptocurrency exchanges, but five firms have successfully completed the initial evaluation phase of the country’s five-year pilot program for digital assets. This information was shared by To Tran Hoa, the deputy head of the Digital Asset Trading Market Board associated with the State Securities Commission, during the Vietnam RWA Summit in 2026 and reported by the Vietnam News Agency on August 30.
Initial Evaluation and Requirements
While the names of these five applicants remain undisclosed, it’s important to note that merely passing this first assessment does not permit any company to commence operations as an exchange. Applicants are subjected to stringent requirements, including a significant financial commitment mandated by Vietnam’s Resolution No. 05/2025/NQ-CP, which stipulates that each potential exchange must secure a minimum charter capital of 10 trillion Vietnamese dong, or roughly $383 million. This capital must be sourced in Vietnamese dong, with at least 65% originating from institutional investors. Moreover, over 35% of the total must be contributed by at least two qualifying entities which can include banks, securities firms, fund managers, insurers, or tech companies.
Technology and Compliance Standards
Furthermore, a rigorous assessment of the technology applicants use is necessary—they must demonstrate that their information systems can meet Level 4 security standards as evaluated by the Ministry of Public Security. This assessment is a precursor for any exchange seeking to operate legally within the country. Other crucial qualifications entail:
- Robust management capabilities
- Stringent monitoring of transactions
- Effective internal controls
- Proper handling of conflicts and customer complaints
- Comprehensive systems for anti-money laundering and ensuring client identity verification
It’s noteworthy that the 10 trillion dong requirement is considered as charter capital, not as a tax or fee payable to the government. Vietnam has not clarified whether all five aspiring applicants have already accumulated the required charter capital.
Penalties and Compliance Timeline
As of September 1, Decree No. 284/2026/ND-CP will come into effect alongside Resolution 05, laying out penalties for unlicensed operations, improper asset issuances, and inadequate customer verification processes. Those offering or advertising crypto services without the necessary licenses may face fines ranging from 180 million to 200 million dong, while individuals could incur penalties up to half that amount.
Furthermore, domestic investors trading outside of established Ministry of Finance-approved platforms may be fined between 30 million and 50 million dong. However, the implementation of these penalties is contingent upon the completion of the six-month transitional period that begins once the first crypto provider receives licensing approval—this timer has yet to start as no provider has been licensed thus far.
Future of Cryptocurrency in Vietnam
Vietnam’s pilot program, initiated with Resolution 05 on September 9, 2025, aims to facilitate a controlled environment for cryptocurrency issuance and trading. The framework restricts locally issued crypto products to foreign investors and requires that eligible tokens be backed by real assets, steering clear of securities or fiat currency representation.
The government has previously indicated a limited number of licenses will be granted for exchanges, meaning that passing the initial review does not guarantee final approval. The next significant milestone is the Ministry of Finance’s issuance of its first license, which will trigger the six-month period for compliance for domestic investors. Until then, investors should remain vigilant for further announcements regarding licensing decisions from both the Ministry of Finance and the State Securities Commission, as preliminary assessments should not be interpreted as permission to operate.
